Albion Development VCT PLC: Interim Management Statement

Albion Development VCT PLC: Interim Management Statement

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ALBION DEVELOPMENT VCT PLC

LEI Code 213800FDDMBD9QLHLB38 Interim Management Statement

 

Introduction I am pleased to present Albion Development VCT PLC (the “Company”)’s interim management statement for the period from 1 January 2021 to 31 March 2021. 

Performance and dividends

The Company’s unaudited net asset value (NAV) on 31 March 2021 was £86.88 million or 84.07 pence per share (excluding treasury shares), an increase of 1.65 pence per share (2.0%) since 31 December 2020.

After accounting for the dividend of 2.06 pence per share to be paid on 28 May 2021 to shareholders on the register on 7 May 2021, the NAV is 82.01 pence per share.

Fundraising and share issues

During the period from 1 January 2021 to 31 March 2021, the Company issued the following new Ordinary shares of nominal value 1 penny per share under the Albion VCTs Prospectus Top Up Offers 2020/21:

DateNumber of shares issuedIssue price per share (including costs of issue)Net proceeds£’000
26 February 202111,313,94283.3p – 84.2p9,288

Portfolio The following investments have been made during the period from 1 January 2021 to 31 March 2021:

New investments£000sActivity
Threadneedle Software Limited (T/A Solidatus)1,209Provider of data lineage software to enterprise customers in regulated sectors, which allows them to rapidly discover, visualise, catalogue and understand how data flows through their systems
Total new investments1,209 
Further investments£000sActivity
Black Swan Data Limited603Predictive analytics for consumer brands
Healios Limited577Provider of an online platform delivering family centric psychological care primarily to children and adolescents
ePatient Limited (T/A Raremark)54Online community connecting people affected by rare diseases
Total further investments1,234 

Disposals

The following disposals were made during the period from 1 January 2021 to 31 March 2021:

Portfolio Company£000s 
OmPrompt Holdings Limited2,276Disposal of investment on a cost of £1.0 million realising a gain of £1.3 million on cost
SBD Automotive Limited458Disposal of investment on a cost of £220,000 realising a gain of £238,000 on cost
Total proceeds2,734 

Top ten holdings (on 31 March 2021)

InvestmentCarrying value£000s% of net asset valueActivity
Egress Software Technologies Limited7,5938.7%Encrypted email & file transfer service provider
Quantexa Limited7,0268.1%Network analytics platform to detect financial crime
Proveca Limited6,8667.9%UK based pharma company specialising in medicines for children.
Radnor House School (TopCo) Limited2,6893.1%Independent school for children aged 2-18
Chonais River Hydro Limited2,3132.7%Owner and operator of a 2 MW hydro-power scheme in the Scottish Highlands
The Street by Street Solar Programme Limited2,2562.6%Owner and operator of photovoltaic systems on domestic properties in the UK
The Evewell (Harley Street) Limited2,0732.4%Operator of a women’s health centre focusing on fertility
Regenerco Renewable Energy Limited1,9422.2%Generator of renewable energy from roof top solar installations
Phrasee Limited1,8532.1%AI platform that generates optimised marketing campaigns
Black Swan Data Limited1,7992.1%Predictive analytics for consumer brands

A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AADV.

Share buy-backs

During the period from 1 January 2021 to 31 March 2021, the Company did not buy back any shares.

It remains the Board’s policy to buy back shares in the market, subject to the overall constraint that such purchases are in the Company’s interest, including the maintenance of sufficient resources for investment in existing and new portfolio companies and the continued payment of dividends to shareholders.

It is the Board’s intention for such buy-backs to be at around a 5% discount to net asset value, so far as market conditions and liquidity permit.

Material events and transactions after the period end

After the period end, the Company had the following material investment transactions:

  • Investment of £492,000 in a new portfolio company, an open sources API management platform that enables enterprises to manage their APIs through their lifecycle (from design to publishing to controlling access and security); and
  • Investment of £370,000 in an existing portfolio company, Panaseer Limited, a provider of cyber security services.

Other than as described above, there have been no material events or transactions during the quarter and to the date of this announcement.

Further information

Further information regarding historic and current financial performance and other useful shareholder information can be found on the Company’s webpage on the Manager’s website at www.albion.capital/funds/AADV.

Ben Larkin, Chairman

12 May 2021

 

For further information please contact:

Vikash Hansrani

Operations Partner

Albion Capital Group LLP

Telephone: 020 7601 1850

 

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